Facebook consults CFTC about GlobalCoin

advertisement

According to the head of the Commodity Futures Trading Commission (CFTC), the regulator is in “very early stages of conversations” with Facebook about its upcoming stablecoin, the Financial Times writes.

At this stage, head commissioner Christopher Giancarlo says they are trying to establish whether Facebook’s planned cryptocurrency would fall under the CFTC's jurisdiction, which governs over futures and derivatives. The decision will depend on whether the stablecoin's trading is done via futures or cash-based markets.

Giancarlo reiterated the CFTC didn't have an application "in front" of them yet, and could only act once that was ready.

The talks with the CFTC are the latest in Facebook's outreach to various regulators about its GlobalCoin. Beyond regulatory oversight, another important issue is compliance with money-laundering and “know your customer” regulations.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

REVOLUTIONARY ONE-CLICK-TO-FARM DEFI PLATFORM, DEFIATO, PAVES THE WAY IN CEDEFI

With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians. 
Read Full Story
Sponsored Post

NYC mayor Eric Adams receives first paycheck in the form of BTC and ETH

Eric Adams, the mayor of New York City, made good on a previous pledge by receiving via automatic conversion his first paycheck in the form of cryptocurrency. According to a Thursday morning statement from the mayor’s office, Adams’ paycheck was converted into BTC and ETH.  “New York is the center of the world, and we […]
Read Full Story
Jan 20, 2022, 3:23PM UTC